|
Cargill quarterly profit dives 41% on trade tensions, US floods
15.07.2019 10:09 "Agro Perspectiva" (Kyiv) —
As of last week, the global goods’ trader Cargill Inc [CARG.UL] reported a 41% drop of its adjusted quarterly profit, citing its shipments’ disruptions stemming from the US-China trade war and also flooding within the central United States that hit marketing and transportation of grains and livestock, Reuters says referring to the Cargill report.
It is to be admitted, Cargill is the largest privately held US company.
As to Cargill, its adjusted operating profit fell to US$476 million within the fiscal fourth quarter ended this year May 31 (down against last year similar US$809 million), as three of its four business units posted lower year-on-year results.
As to the report, trade tensions between Washington and Beijing have battered the U.S. agricultural sector as tit-for-tat tariffs have reduced commodities exports from the United States and redrawn global trade flows. Severe spring flooding across the US farm belt added to the struggles.
«When you combine the weather with the trade war, it’s just a challenging time for the industry,» David Dines, Cargill Chief Financial Officer, admits.
It is to be noted, the Minnesota-based Cargill is the first of the major grains’ traders to report earnings since US-China trade talks broke down and persistent rains led to the slowest US spring planting season on record.
Thus, the Cargill animal nutrition and protein segment posted a lower year-on-year profit for the third time in four quarters as poor weather disrupted U. S. Midwest cattle shipments and reduced demand for beef for outdoor grilling. Reduced hog feed demand within China, where a deadly hog disease called African swine fever has decimated the industry, further dampened results.
It is to be admitted, the profit for the Cargill origination and processing business fell from an exceptionally strong fourth quarter last year as flooding across the central United States disrupted grain transportation and exports.
Also, US farm product exports faced stiff headwinds as tariffs on US goods imported by China (world top soybean buyer and major importer of various other agricultural goods) remain in place.
In meanwhile, Cargill expects to reverse some mark-to-market losses from declining soybean prices later this year as beans are processed and soy products are sold.
17.04.2024 |
|
|
|
|
|
18:08 |
Ministry of Agrarian Policy and Food predicts this year’s harvest of grains and oilseeds at about 74 million tonnes |
16.04.2024 |
|
|
|
|
|
12:12 |
West Africa Cocoa Shortage Pushes Up Prices |
11.04.2024 |
|
|
|
|
|
23:48 |
U.S. Soybean Meal Exports Forecast at Consecutive Records in 2022/23 and 2023/24 |
|
23:10 |
EU Wheat Exports Challenged by Russia’s Growing Dominance |
|
11:30 |
Country of origin of honey must be clearly visible on the label. EU honey traceability system to be developed |
10.04.2024 |
|
|
|
|
|
15:59 |
Commission starts setting up the Agriculture and Food Chain Observatory |
|
15:33 |
Commission approves ˆ2.2 billion German State aid scheme to support the decarbonisation of industrial processes to foster the transition to a net-zero economy |
|
13:17 |
Donau Soja urges EU for clarity on EUDR implementation |
09.04.2024 |
|
|
|
|
|
10:44 |
Ukraine remained the third source of EU imports in 2023, with a value of EUR 11.8 billion |
06.04.2024 |
|
|
|
|
|
10:04 |
World cereal output seen up in 2023/24 |
|
09:55 |
FAO Food Price Index rises in March |
05.04.2024 |
|
|
|
|
|
10:04 |
Shellfish Crop Insurance Program Offers Oyster Producers Needed Protection from Environmental Challenges and More |
03.04.2024 |
|
|
|
|
|
23:01 |
Croatian horseradish root ‘Ludbreški hren' added to register of Protected Designations of Origin |
02.04.2024 |
|
|
|
|
|
10:15 |
FAO and chef Fatmata Binta announce new project to empower women fonio producers in Ghana |
28.03.2024 |
|
|
|
|
|
12:55 |
Council compromise on Ukraine ATMs – Only a half step forward in the right direction |
|
09:18 |
Commission approves amendment to Italian State aid scheme to support companies in Friuli Venezia Giulia in the context of Russia's war against Ukraine |
26.03.2024 |
|
|
|
|
|
10:55 |
Projected famine in Gaza: FAO urges immediate access to deliver urgent and critical assistance at scale. About 1.1 million people are experiencing catastrophic food insecurity |
|
08:44 |
EU makes major step forward in the delivery of 2024 humanitarian aid for Palestinians in Gaza* |
25.03.2024 |
|
|
|
|
|
16:17 |
Commission approves ˆ86.9 million Bulgarian State aid scheme to support farmers in the context of Russia's war against Ukraine |
21.03.2024 |
|
|
|
|
|
11:15 |
Commission takes action to boost biotechnology and biomanufacturing in the EU |
20.03.2024 |
|
|
|
|
|
11:13 |
Deal to extend trade support for Ukraine with safeguards for EU farmers |
19.03.2024 |
|
|
|
|
|
09:43 |
CAP - The Commission proposes simplifications that safeguard agricultural transitions! |
18.03.2024 |
|
|
|
|
|
23:10 |
The European Union and Switzerland launch negotiations to deepen bilateral relations |
|
10:05 |
Commission proposes targeted review of Common Agricultural Policy to support EU farmers |
15.03.2024 |
|
|
|
|
|
23:36 |
Cargill Power CanolaTM Program Helps Farmers Take Advantage of Growing Bioenergy Market Opportunities for Canadian Canola |
|
23:19 |
FAO will provide Ukrainian farmers with soybean and sunflower seeds for spring sowing campaign |
13.03.2024 |
|
|
|
|
|
23:27 |
FAO urges more cooperation in banana sector, significant for some least developed and low-income food-deficit countries and smallholder farmers |
|
16:51 |
The European Commission sets out key steps for managing climate risks to protect people and prosperity |
12.03.2024 |
|
|
|
|
|
20:25 |
Coreper and COMENVI approve the provisional agreement on EU Carbon Removal Certification Framework |
|
20:24 |
INTA MEPs fail EU producers by dismissing potential improvements to Ukraine ATMs |
|
08:10 |
Soybean meal is expected to be a more competitive feed ingredient on higher global supplies. |
11.03.2024 |
|
|
|
|
|
09:11 |
U.S. Corn Exports Shift Destinations as Brazil Captures China Market |
08.03.2024 |
|
|
|
|
|
15:20 |
Conflicts push acute food insecurity higher |
|
13:21 |
FAO Food Price Index declines further in February |
|
13:14 |
Packaging: Council and Parliament strike a deal to make packaging more sustainable and reduce packaging waste in the EU |
|
11:45 |
Commission approves ˆ61.3 million Bulgarian State aid scheme to support farmers, producers of grain and oil crops, in the context of Russia's war against Ukraine |
07.03.2024 |
|
|
|
|
|
20:41 |
First go-ahead to renewing trade support for Ukraine and Moldova |
05.03.2024 |
|
|
|
|
|
15:55 |
Commission proposes to prolong road transport agreements with Ukraine and Moldova and introduces updates to the agreement with Ukraine |
02.03.2024 |
|
|
|
|
|
07:31 |
Heroes of deserts and highlands: Nourishing people and culture |
23.02.2024 |
|
|
|
|
|
10:21 |
BASF’s financial strength supports proposed stable dividend of ˆ3.40 per share for the 2023 business year |
|
10:17 |
The Council has chosen to ignore farmers' concerns regarding Ukraine ATMs; it is now imperative for the European Parliament to take action |
20.02.2024 |
|
|
|
|
|
20:27 |
South Asia is anticipated to import nearly 14 million tons wheat in 2023/24 |
19.02.2024 |
|
|
|
|
|
13:00 |
Cargill and ENOUGH expand partnership to provide consumers with innovative, sustainable protein options |
17.02.2024 |
|
|
|
|
|
17:47 |
Global Environment Facility approves new FAO-led projects and programs benefiting 46 countries |
16.02.2024 |
|
|
|
|
|
09:10 |
The EU is at a crossroads with the Ukrainian agricultural issue - COPA-COGECA, AVES, CEFS, CEPM, CIBE, EUWEP |
13.02.2024 |
|
|
|
|
|
17:31 |
European farmers exempted from rules on land lying fallow |
12.02.2024 |
|
|
|
|
|
16:45 |
India Wheat Stocks Plummet to Lowest in 15 Years |
03.02.2024 |
|
|
|
|
|
17:35 |
Mandarins. Global production for 2023/24 is forecast to rise to 38.0 million tons |
|
09:59 |
Record cereal output in 2023 |
|
07:15 |
FAO Food Price Index down again in January led by lower wheat and maize prices |
Also available:
|
| |
|
|